~$507M of Lighter TVL is now sitting behind a feature that turns perps from single-leg clicks into programmable basket execution. That’s useful for basis and relative-value desks, but atomic baskets move the failure mode from “bad fill on one market” to “margin, mark price, sequencing, and proof constraints all behaving correctly across several legs.” Lighter’s SNARK-proved matching and Ethereum escape hatch help, but traders will still price this like Hyperliquid-style venue risk: execution edge is only worth it if the risk engine is boring under stress.

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